The US banking industry reported sequential asset growth of 1.4% in the third quarter even as loan growth remained anemic.

Altogether, the 50 largest US banks reported a $377.22 billion increase in aggregate assets during the third quarter, with 35 institutions posting asset growth. By comparison, the 50 largest US banks in the second quarter reported asset declines of $128.01 billion from the first quarter of 2024.

As of Sept. 30, the 50 largest US banks had a combined $23.985 trillion in assets, according to S&P Global Market Intelligence data.

Combined assets of Big 4 banks increase

Aggregate assets at the four largest US banks increased by $140.37 billion, or 1.2%, in the third quarter, compared to an asset decline of 0.1% in the previous quarter.

JPMorgan Chase & Co., the largest US bank at $4.210 trillion in total assets as of Sept. 30, reported sequential growth of $67.05 billion, or 1.6%.

Bank of America Corp. and Citigroup Inc. reported asset growth of 2.0% and 1.0% from the previous quarter, respectively. Wells Fargo & Co.'s assets fell by $17.95 billion, or 0.9%.

To conduct this analysis, S&P Global Market Intelligence examined the largest US banks and thrifts by assets with a deposits-to-assets ratio of at least 25% or at least $30 billion in deposits as of quarter-end.

To compile a pro forma ranking, S&P Global Market Intelligence calculates pro forma assets after accounting for pending M&A transactions as well as transactions that closed after quarter-end. To be included in pro forma adjustments, the deal value must be over $1 billion or involve assets or deposits in excess of $5 billion. Loan portfolio deals are not included because of a general lack of data on both deal consideration and the impact on total assets.

To view an Excel spreadsheet containing the top 50 US banks and thrifts in the third quarter of 2024, click here.

Top gainers and losers

Of the 39 banks with assets between $50 billion and $500 billion, 25 reported asset growth during the third quarter.

CIBC Bancorp USA Inc. posted the highest growth as its assets increased 8.6%, followed by TD Group US Holdings LLC with 7.0% growth.

Wintrust Financial Corp.'s total assets grew 6.7% sequentially, the third-largest increase among the group. The bank recently closed its acquisition of Holland, Mich.-based Macatawa Bank Corp., which was the seventh-largest US bank M&A deal announced so far in 2024.

Flagstar Financial Inc. logged the highest sequential decrease at 3.9%. The bank, formerly known as New York Community Bancorp Inc., cut its earnings forecast as it expects nonaccrual loans to remain elevated the next two years, putting a dent in its net interest income.

In an October conference call, bank executives said they are exploring all opportunities to reduce their nonaccruals, including a sale of the portfolio.

– Download a template to compare a bank's financials to industry aggregate totals. – Read some of the day's top news and insights from S&P Global Market Intelligence.

Growth outlook

According to S&P Global Market Intelligence's third-quarter 2024 US Bank Outlook Survey, US bankers grew more optimistic on deposits, with 71% of the respondents anticipating deposit growth over the next 12 months as the Federal Reserve began trimming interest rates.

Meanwhile, loan growth expectations slipped, with 65.8% of those surveyed expecting loans to grow at their institution over the next 12 months, down from 75.2% in the second-quarter survey and 77.6% in the first quarter.